10 Best Growth Stocks To Buy According To George Soros

6. Accenture plc (NYSE:ACN)

Soros Fund Management’s Stake Value: $60.75 Million

Number of Hedge Fund Holders: 68

Accenture plc (NYSE:ACN) is one of the best growth stocks to buy according to George Soros which makes up 1.1% of his portfolio. Soros increased his position in the stock by 105% in the second quarter of 2024. Accenture plc (NYSE:ACN) is a multinational professional services company that helps entities of all sizes optimize their operations and boost revenue growth.

The company is home to over 750,000 employees who provide services to over 9,000 clients in 120 countries from across the globe. The company specializes in helping customers build their cloud, cybersecurity, AI, and enterprise capabilities.

To expand its offerings and to benefit from the AI wave, the company recently purchased Excelmax Technologies from India, a semiconductor design services provider. The acquisition added another 450 employees to the company in crucial departments including physical design, logic design, and verification. Later in July, Accenture plc (NYSE:ACN) acquired Camelot Management Consultants, a SAP-focused management and consulting firm in Germany, that specializes in supply chain, data, and analytics.

Accenture’s (NYSE:ACN) economic moat lies in its strong footing in the IT and consulting sector supported by its ability to buy out competition. This explains why 68 hedge funds were bullish on the stock at the end of Q2 2024 with total stakes amounting to $3.7 billion.

Polen Focus Growth Strategy stated the following regarding Accenture plc (NYSE:ACN) in its Q2 2024 investor letter:

“Autodesk and Accenture plc (NYSE:ACN) were also notable absolute detractors in the quarter. For Accenture, the past year has proven to be a weak backdrop for the IT services industry as enterprises rationalize their IT budgets and defer spending on discretionary, shorter-cycle deals. Accenture has not been immune to this broader weakness, as evidenced by slowing growth in recent quarters. However, we would note that later in the quarter, the stock responded very positively to results that showcased AI bookings growing rapidly, though still a small portion of overall bookings. Additionally, as we head into 2025, growth comparisons should ease considerably.”